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Financial News: Australia Q4 Construction Work Falls 0.2%

Australia Q4 Construction Work Falls 0.2%

02/21/2017 - 20:29:00 (RTTNews)

(RTTNews) - The total value of construction work done in Australia fell a seasonally adjusted 0.2 percent on quarter in the fourth quarter of 2016, the Australian Bureau of Statistics said on Wednesday - standing at A$46.263 billion.

That missed forecasts for an increase of 0.5 percent following the upwardly revised 4.4 percent contraction in the third quarter (originally -4.9 percent).

On a yearly basis, construction work was down 7.8 percent.

The value of engineering work done was down 2.2 percent on quarter and 18.6 percent on year to A$19.568 billion.

The value of building was up 1.3 percent on quarter and 2.1 percent on year to A$26.695 billion.

The value of residential construction added 1.1 percent on quarter and 5.7 percent on year to A$17.965 billion.

The value of non-residential construction climbed 1.8 percent on quarter but fell 4.4 percent on year.

Also on Wednesday: . Wage growth in Australia was up a seasonally adjusted 0.5 percent on quarter in the fourth quarter of 2016, the Australian Bureau of Statistics said - in line with expectations and up from 0.4 percent in the third quarter.

Private sector wages rose 0.4 percent and public sector wages gained 0.6 percent.

On a yearly basis, wage growth was unchanged at the record-low 1.9 percent, in line with expectations.

By region, Western Australia had the lowest through the year wage growth of 1.4 percent and Tasmania had the highest at 2.4 percent.

. The Australian economy continued to expand in January, albeit at a slower pace, the latest survey from Westpac Bank showed - adding just 0.03 percent to its index.

That follows the 0.43 percent growth in December, and it marks the sixth straight month of above-trend growth.

Rising commodity prices have supported the index, along with the yield curve and average monthly hours worked.

The index was weighed by weakness from building approvals, consumer sentiment and the stock market.

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